Q1 Results: US Gambling Prepares for a Record Year
The commercial gambling industry in the United States continues to move forward despite certain setbacks. As proof, the American Gaming Association (AGA) posted the revenue figures for the first quarter of the year.
The AGA Reported Yet another Remarkable Quarter
The Association shared that the total commercial gambling revenue for the first three months of 2022 sits at $14.3 billion. This number represents a whopping 29% increase compared to the same period last year. Not only that, but it turns out that this is the second-highest quarterly record after Q4 2021’s $14.35 billion.
This number was in huge part thanks to the vast betting revenues the industry had in March this year. The US gambling sector earned $5.31 billion in that month alone, which is the highest number any single month has yielded. This record was driven by the increased interest in gambling in multiple states. It is worth remarking that both sports betting and iGaming continued to experience a fast growth despite not being legalized in all states yet.
Overall, revenues were remarkably high in 32 of the 34 US jurisdictions with a regulated market. Furthermore, three states managed to beat their previous quarterly records Arkansas, Florida and New York. The period saw three earn $147.4 million, $182 million and $996.6 million respectively.
Bill Miller Is Optimistic about Commercial Gambling’s Future
Bill Miller, the president and chief executive officer of the AGA, spoke about the results. He remarked that there has been an unprecedented interest in all forms of gambling. Despite the notorious labor shortages and supply chain constraints, the industry scored a record 2021 year, Miller remarked. He is sure that this momentum will carry on into 2022.
Speaking about sports betting, ASA’s CEO said that more and more people tend to pick the legal alternative. He pointed out that four years after PASPA, the majority of bettors have grown accustomed to the safety of the regulated market and wouldn’t trade it for unlicensed offshore operators who prey upon them.
To conclude, Miller added that the growth of the industry is beneficial to the country as a whole. He remarked that the increase in the gambling industry’s revenues means more funding will go to good causes. Most regulated jurisdictions across the world, including the US, use gambling taxes to fund charities, sports, healthcare, local communities and other causes.
A few days ago the AGA spoke about the industry’s fast post-COVID recovery. Miller had said that it is uncertain whether 2022 will be as strong as 2021 but one thing is clear – gambling is now the entertainment of choice of many Americans.
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